Work is valuable but that doesn't mean working for someone, if you don't need to. A lot of people retire then end up busier than ever working on their own business. Others become dedicated volunteers or take up a hobby as a 'job' e.g. music or writing or painting. Or study for its own sake, effectively becoming armchair academics.
Sitting doing naff all would soon become dull but all you need is a bit of land and maybe a few animals and you will never have time to be bored! A couple I know both 70ish work virtually full-time on their wonderful garden most of the year - it's like a show garden!
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: What age do you plan to semi-retire?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "What age do you plan to semi-retire?"
Collapse
-
Originally posted by malvolio View PostBut what does go down is routine expenditure. No mortgage, much lower insurance costs, no travel to work, less pressure to pack everything into a weekend at top prices. It all adds up.
Leave a comment:
-
Originally posted by malvolio View PostBut what does go down is routine expenditure. No mortgage, much lower insurance costs, no travel to work, less pressure to pack everything into a weekend at top prices. It all adds up.
I am around 1000 up already this month compared to some previous months last year and the year before.
Leave a comment:
-
Originally posted by NowPermOutsideUK View PostI ve found that as you get older you actually spend more - For me spending on furniture, kitchens, art and travel has massively increased since when I was in my late 20s and I dont see that changing any time soon
So this notion of as you get older you spend less seems not to be universal
We've bought lots of fairly expensive things, such as a £40k motorhome, but they are investments for the future and we actually park some money every month. And if all else fails, we have a valuable house that's mortgage free.
But what does go down is routine expenditure. No mortgage, much lower insurance costs, no travel to work, less pressure to pack everything into a weekend at top prices. It all adds up.
Leave a comment:
-
Originally posted by NowPermOutsideUK View PostI ve found that as you get older you actually spend more - For me spending on furniture, kitchens, art and travel has massively increased since when I was in my late 20s and I dont see that changing any time soon
So this notion of as you get older you spend less seems not to be universal
I too have splashed out on more art of late, it's a good point. Getting them framed costs a small fortune if you want it done well.
Kitchens done properly can last decades so should only need minor cosmetic changes rather than a full refit over time.
Leave a comment:
-
Originally posted by curtis View PostI'm mid forties, mortgage paid off 4 years ago, no kids half decent savings as continued paying mortgage into savings even once we had paid it off. We have a BTL and other investments which we are adding money to.
I've spoken on contracts with other contractors about how long they may carry on and a lot have said they don't know as they get bored after a few months between contracts before they find their next job but I find time inbetween contracts where your still looking for the next job is not the same as when your off as I call it 'properly' not looking. I find I can never properly settle into anything or start anything thats too big a project as I am always thinking I could be back in work again next week.
I plan on semi retiring in around 5 years this will coincide with moving house to a different part of the country, not have as many neighbours and more land so I can garden more and grow more of my own food and get more peace and quiet away from 'estate' living. I still plan to work but more just part/full time temporary roles not in IT just anything really that takes my fancy and who will have me. I do like the idea of just being able to consider any job, some of the best jobs I had were the ones I had when I left college or in my 20's when I needed some extra cash for Christmas.
Money wise between still doing some work and investments we should have enough to get by, sure no expensive trips or spending but once we move we plan on travelling more local in the UK with the odd trip abroad so we are trying in the next 5 years to get all the big trips abroad done then before we hopefully move. Material things as I've got older I've got less bothered about having a flash car or lots of clothes and stuff in general, starting getting more happy with just what I have. Sad as it is I get more enjoyment now from walking round a field at a car boot on a fresh weekend morning than traipsing round the high street shops. Fresh air, more peace and quiet and slowing down is my way forward!
So this notion of as you get older you spend less seems not to be universal
Leave a comment:
-
I'm mid forties, mortgage paid off 4 years ago, no kids half decent savings as continued paying mortgage into savings even once we had paid it off. We have a BTL and other investments which we are adding money to.
I've spoken on contracts with other contractors about how long they may carry on and a lot have said they don't know as they get bored after a few months between contracts before they find their next job but I find time inbetween contracts where your still looking for the next job is not the same as when your off as I call it 'properly' not looking. I find I can never properly settle into anything or start anything thats too big a project as I am always thinking I could be back in work again next week.
I plan on semi retiring in around 5 years this will coincide with moving house to a different part of the country, not have as many neighbours and more land so I can garden more and grow more of my own food and get more peace and quiet away from 'estate' living. I still plan to work but more just part/full time temporary roles not in IT just anything really that takes my fancy and who will have me. I do like the idea of just being able to consider any job, some of the best jobs I had were the ones I had when I left college or in my 20's when I needed some extra cash for Christmas.
Money wise between still doing some work and investments we should have enough to get by, sure no expensive trips or spending but once we move we plan on travelling more local in the UK with the odd trip abroad so we are trying in the next 5 years to get all the big trips abroad done then before we hopefully move. Material things as I've got older I've got less bothered about having a flash car or lots of clothes and stuff in general, starting getting more happy with just what I have. Sad as it is I get more enjoyment now from walking round a field at a car boot on a fresh weekend morning than traipsing round the high street shops. Fresh air, more peace and quiet and slowing down is my way forward!
Leave a comment:
-
Originally posted by ladymuck View PostDammit. I knew there was a reason why I wasn't hitting my retirement targets. Need to find a cheaper butler
No true contractor would use a cheap butler.
Leave a comment:
-
Originally posted by ChimpMaster View PostYes my implication was that it's not unimaginable to be able to generate such an amount of income if one has invested/saved over a course of 30 years or so. Assuming of course that you have earned a good income over that time.
Everyone's number will be different. £10k is a lot of money if the kids have flown the nest and you have no mortgage, but it might not be so much if you have 3 sprogs at private school, 2 flash cars on lease, a butler and a £2k mortgage each month.
Leave a comment:
-
Originally posted by NowPermOutsideUK View PostThe 10k number came from chimp master but it’s immaterial. The question was more general about at what point do you actually stop?
If you get to your magic number at the age you decide then do you continue to plod along and build out the war heat or do you sail into the sunset and never work again
Everyone's number will be different. £10k is a lot of money if the kids have flown the nest and you have no mortgage, but it might not be so much if you have 3 sprogs at private school, 2 flash cars on lease, a butler and a £2k mortgage each month.
Leave a comment:
Partners
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Today 09:13
- Making the most of pension lump sums: overview for contractors Today 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Yesterday 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Yesterday 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: